Press release
Automotive Glass Market to hit USD 29 Billion will grow at over 7% CAGR by 2024
Global automotive glass market for passenger vehicles will generate over USD 22 billion by 2024. Upsurge in demand for passenger cars, particularly in the emerging countries and their dynamic demographics will be key influencers. Fuel efficiency and carbon footprint regulations will remain key industry challenges, while inclination towards large windscreens along with growing demand for automotive sunroof market also play an important role in evolution.
The advent of smart technology, to enhance visibility, protection from sunlight and improved comfort will support product penetration, along with the aim to reduce vehicle weight and improve fuel efficiency. Positive growth outlook for the transportation industry, being correspondingly mirrored in auto production trends will be a critical factor for automotive glass market demand.
Laminated automotive glass market will generate over USD 9 billion valuation by 2024. Prevention from penetration, easy reparability, sound proofing and clear visibility are the substantial properties encouraging the product consumption. Consistent innovation in features has increased the overall value and complexity of the product delivered to OEMs.
Tempered products are set to witness over 6% growth up to 2024. High strength and toughness due to controlled chemical and thermal treatment are key factor driving product demand. Backlite will observe gains over 5% in the coming years. Safe shattering, high impact resistance and superior defrosting properties are major industry trends.
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Original Equipment Manufacturers accounted for more than 80% of the overall industry share in 2015. With OEMs expanding to new regional frontiers, in terms of production, assembly as well as service stations, this avenue will remain dynamic & challenging. ARG market will witness over 5% growth from 2016 to 2024. Increasing road accident rates along with vehicle damage due to critical weather conditions will propel the ARG market growth.
Automotive glass market from light commercial vehicles will observe over 6.5% growth. Rapid urbanization, high transport rates and rising demand for mini-trucks and vans are the considerable factors of the product development. Increasing accident rates due to heavy traffic in urban areas has positively influenced the demand.
The 2015 U.S. laminated automotive glass market was worth more than USD 800 million; stringent regulations for passenger safety and consumer awareness pertaining to health & safety will drive the regional demand. Shifting trends towards super and modified cars with increased utilization of tinted products will drive the innovation landscape
China automotive glass market from OEM is estimated to witness over 7% growth up to 2024. High consumer spending on vehicles accompanied by inclination towards luxury and supercars are driving industry trends.
Global automotive glass market share is consolidated in nature with the presence of key players including Saint Gobain Sekurit, AGC, Nippon, Xinyi, Guardian and Fuyao accounting for over 50% of the industry share in 2015. Other notable players include Magna International, Inc., Shenzhen Benson, PGW, Gentex Corporation and Webasto.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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